Open Banking is part of the Consumer Data Right regime which the Federal Government has introduced to allow all customers, both individuals and businesses to access and securely share their customer, account and transaction data information held by their banking institutions with Australian Competition and Consumer Commission (ACCC) accredited banking institutions.
Open Banking will give you greater control and access to your account information held at Australian Unity Bank. This means that you can now direct Australian Unity Bank to share your banking information (known as “consumer data”) with ACCC Accredited Data Recipients securely online.
If you’re reviewing your existing banking arrangement or looking to switch some or all of your banking to another bank, Open Banking is intended to make this easier. Rather than having to collate banking histories, statements, and complete detailed transaction information you can now authorise your existing bank to share your information with another bank who you have specifically approached and authorised to offer you banking services.
For information on who is accredited by the ACCC to receive data through open banking, see the Australian Competition and Consumer Commission website.
Open Banking is an opt-in process, and can be started from the website or app of an accredited Open Banking data recipient. Select Australian Unity Bank and commence the authorisation of sharing your selected data with the Accredited Data Recipient.
You will then be directed to Australian Unity Bank’s data sharing authorisation service and will be requested to enter your Australian Unity Bank customer identification number.
A one-time password will be sent to your SMS security registered phone number. You’ll never be asked to enter your Australian Unity Internet Banking password to share your data.
Enter this one-time password and follow the prompts to select and confirm what data you’d like to share. If you select a Joint Account’s data to be shared, a notification will be sent to the other relevant account holder.
Your selected data will be securely shared with the selected accredited Open Banking data recipient using a secure connection.
You may stop sharing your data at any time via your Consumer Dashboard within your existing Australian Unity internet banking application or by emailing us at firstname.lastname@example.org or by calling us on 1300 790 740 during business hours (Monday to Friday from 8.30am to 5.30pm AEST).
For more on how the Consumer Data Right works in practice, click here.
Information about our savings, transactions, term deposits, credit card, home and personal loan products including features, eligibility, rates and fees are available via our dedicated product API portal.
You can access Australian Unity Bank’s product data via the links below using the necessary parameters:
If you’d like to discuss your current banking arrangement with Australian Unity, please contact us on 1300 790 740, Monday-Friday 8.30am-5.30pm AEST.
Our Consumer Data Right Policy describes what data will be available for you to share, how to share your Australian Unity Bank data, what your rights are and how to make a complaint.
Under Open Banking, Consumer Data refers to certain information held by an organisation (such as a bank) that relates to a customer and is covered by the Consumer Data Right (CDR) legislation. It includes, but is not limited to, contact information, the types of product(s) held by the consumer, account details, transaction history and loan repayment history.
The Consumer Data Right (CDR) is legislation that the Federal Government has introduced to provide individuals and businesses with the ability to leverage their data to obtain new and better services with improved access to and rights over the data that businesses hold about them.
Open Banking is part of the CDR regime which the government intends to apply progressively to other industries apart from banking, including energy and telecommunications.
Open Banking is being rolled out progressively across the banking industry.
For information on who is accredited by the ACCC to receive data through Open Banking, see the Australian Competition and Consumer Commission website
On 1 October 2020, Australian Unity Bank commenced data sharing for generic product information (known as product reference data) via our public Open Banking Product Application Programming Interface (API) to allow anyone to access product reference data on Australian Unity Bank debit cards, transaction and deposit accounts and credit cards. We then expanded the number of products available on 1 February 2021 to include home loan and personal loan products.
Whether you are an existing Australian Unity Bank customer or just making an enquiry about the products Australian Unity offers, you can access our specially dedicated product portal to find out all about our credit and debit cards, deposit accounts, transaction accounts and home loan and personal loan products (known as “Product Reference Data”). For more information on the Australian Unity product portal, See here.
Australian Unity Bank is committed to your data security. Open Banking uses a number of security measures and controls to transmit personal banking data securely using standardised Application Programming Interfaces (APIs). Once Open Banking is fully operational any request to access your personal data must be initiated by you, the customer, via the Australian Unity Bank website, Internet Banking platform or Mobile Application.
In addition, all authorised data recipients who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Consumer and Competition Commission (ACCC).
Product reference data includes information such as the interest rates and fees charged by banks as well as the features and eligibility criteria for banking products. It is generic and not specific to particular customers.
For Developers interested in using the Product API please access more information https://open-banking.australianunity.com.au/cds-au/v1/banking/products
The Australian Government has launched the official Consumer Data Right website where you can find out everything about the Consumer Data Right and how it works and how it can assist you. The website includes a number of features:
Eligible Australian Unity Bank customers can request to share their account summary, balances and transaction history for open accounts with other banks and fintechs who are Accredited Data Recipients for:
Open Banking Accredited Data Recipients may offer services such as: product comparison tools, personal finance and budget management, financial well-being assessments and applications to help consolidate your banking data.
Open banking isn't mandatory and you have the option of deciding whether you want to participate, what data you want to share and when you want to share it.
Data Sharing allows you to share selected data from your nominated accounts with an Accredited Data Recipient in order to use the tools or services they offer.
You can get started on an Accredited Data Recipient’s website or app. They will provide you with a Consent Request service that allows you to securely connect with Australian Unity Bank to authorise us to share your data with the selected accredited provider.
Only data you authorise Australian Unity Bank to share will be available to your selected Accredited Data Recipient. The authorised data will only be shared for the period of time and frequency in which you authorise us to. The Accredited Data Recipient will have policies and procedures in place as to how your data is used and what happens when you stop sharing that data.
Open Banking isn't mandatory, and you may exit from the authorisation process at any time prior to approval and you will be returned to your Accredited Data Recipient’s internet site. You can stop sharing at any time.
For more information on how the Consumer Data Right works in practice, click here.
Once you have authorised Australian Unity Bank to share your selected data, the information will be transferred using secure automated data technology with your Accredited Data Recipient.
Your Accredited Data Recipient will use the data to provide the services or products that you have consented to. Your data may either be deleted or de-identified when it is no longer required.
Your Accredited Data Recipient will have specific policies in place for how they handle your data once it’s no longer required.
In order to be able to share your data, you need to meet the following requirements:
You can also nominate a representative to authorise and manage data sharing on your nominated accounts.
From 1 October 2022, selected data from joint accounts can be shared with accredited providers. Both joint account holders must be aged 18 years and over and eligible to participate in CDR. When a data sharing arrangement is initiated and authorised, a notification will be sent to the other joint account holder.
Both joint account holders will be able to access the consumer dashboard to review and manage the Data Sharing arrangements of the joint account.
Dormant, closed, frozen or blocked accounts will not be eligible for Consumer Data sharing. Restrictions to Account Holders under 18 years of age are also applied when determining if an account is available to share. Please contact us on 1300 790 740 during business hours (Monday to Friday from 8.30am to 5.30pm AEST) for more information relating to the availability of your accounts.
The Consumer Data Right is being implemented in stages across various sectors. At this stage, the Consumer Data Right has been introduced to the banking sector. Accredited Data Recipient will only be able to access your data if you provide your consent. Once you have provided your consent and authorisation, you will be able share the data you want with your selected Accredited Data Recipient. You can also stop sharing your data at any time via your consumer dashboard with the Accredited Data Recipient, your Australian Unity Bank consumer dashboard or by contacting us at email@example.com or on 1300 790 740 during business hours (Monday to Friday from 8.30am to 5.30pm AEST).
From December 2022, individual and joint account owners can nominate secondary users (e.g. power of attorney, authority to operate) to authorise and manage data sharing on their behalf.
The nominated representatives can initiate and authorise a data sharing arrangement and have access to the consumer dashboard to review and manage the data sharing arrangements of the account.
The account holder can view via the dashboard, any secondary user’s data sharing activities, whereas, the nominated representatives can only see their activities.
The account holder can revoke the permission granted to the nominated representative at any point of time.
Provided that you: (a) meet the age requirement of 18 years old and over and (b) you have authorised us to share your data, you will be able to access the Australian Unity Bank consumer dashboard to review and manage all your Data Sharing arrangements. This dashboard will be available from within your existing Australian Unity internet banking application.
Nominated representatives can access the dashboard and manage the data sharing arrangements of the accounts.
To access the data sharing dashboard, follow these steps:
You may stop your data sharing to the Accredited Data Recipient by following these steps:
If you choose to stop sharing your data, the services provided as a result of this sharing arrangement may be impacted. You should check with your Accredited Data Recipient before you request to stop sharing your data with them to understand the consequences.
For more information, please visit https://www.cdr.gov.au/